|
|
|
MIRA INFORM REPORT
|
Report No. : |
504597 |
|
Report Date : |
21.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
ISIN INTERNATIONAL PTE LTD |
|
|
|
|
Registered Office : |
143, Cecil Street, 14-00, Gb Building, 069542 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2016 |
|
|
|
|
Date of Incorporation : |
15.03.1991 |
|
|
|
|
Com. Reg. No.: |
199101137M |
|
|
|
|
Legal Form : |
Private Limited (Limited by Share) |
|
|
|
|
Line of Business : |
Subject is principally engaged in the trading of
petrochemical products, polyester, synthetic fibre goods, spun yarns, cotton,
and other kinds of textiles and goods, investment holding. |
|
|
|
|
No. of Employees : |
13 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
B |
|
Credit Rating |
Explanation |
Rating Comments |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
Singapore |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
SINGAPORE - ECONOMIC OVERVIEW
Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. Unemployment is very low. The economy depends heavily on exports, particularly of electronics, petroleum products, chemicals, medical and optical devices, pharmaceuticals, and on Singapore’s vibrant transportation, business, and financial services sectors.
The economy contracted 0.6% in 2009 as a result of the global financial crisis, but has continued to grow since 2010. Growth from 2012-2017 was slower than during the previous decade, a result of slowing structural growth - as Singapore reached high-income levels - and soft global demand for exports. Growth recovered to 3.6% in 2017 with a strengthening global economy.
The government is attempting to restructure Singapore’s economy to reduce its dependence on foreign labor, raise productivity growth, and increase wages amid slowing labor force growth and an aging population. Singapore has attracted major investments in advanced manufacturing, pharmaceuticals, and medical technology production and will continue efforts to strengthen its position as Southeast Asia's leading financial and technology hub. Singapore is a signatory of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and a party to the Regional Comprehensive Economic Partnership (RCEP) negotiations with nine other ASEAN members plus Australia, China, India, Japan, South Korea, and New Zealand. In 2015, Singapore formed, with the other ASEAN members, the ASEAN Economic Community.
|
Source
: CIA |
EXECUTIVE
SUMMARY
|
|
REGISTRATION
NO. |
: |
199101137M |
|
COMPANY
NAME |
: |
ISIN
INTERNATIONAL PTE LTD |
|
FORMER
NAME |
: |
N/A |
|
INCORPORATION
DATE |
: |
15/03/1991 |
|
COMPANY
STATUS |
: |
EXIST |
|
LEGAL
FORM |
: |
PRIVATE
LIMITED (LIMITED BY SHARE) |
|
LISTED
STATUS |
: |
NO |
|
REGISTERED
ADDRESS |
: |
143,
CECIL STREET, 14-00, GB BUILDING, 069542, SINGAPORE. |
|
BUSINESS
ADDRESS |
: |
143,
CECIL STREET, 14-00, GB BUILDING, 069542, SINGAPORE. |
|
TEL.NO. |
: |
65-62221347 |
|
FAX.NO. |
: |
65-62234613 |
|
CONTACT
PERSON |
: |
AMIT
LOHIA ( DIRECTOR ) |
|
PRINCIPAL
ACTIVITY |
: |
TRADING
OF PETROCHEMICAL PRODUCTS, POLYESTER, SYNTHETIC FIBRE GOODS, SPUN YARNS,
COTTON, AND OTHER KINDS OF TEXTILES AND GOODS, INVESTMENT HOLDING |
|
ISSUED
AND PAID UP CAPITAL |
: |
14,353,870.00
ORDINARY SHARE, OF A VALUE OF SGD 14,353,870.00 |
|
SALES |
: |
USD
154,016,533 [2016] |
|
NET
WORTH |
: |
USD
9,998,651 [2016] |
|
STAFF
STRENGTH |
: |
N/A |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL
CONDITION |
: |
POOR |
|
PAYMENT |
: |
SLOW
BUT CORRECT |
|
MANAGEMENT
CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL
RISK |
: |
MODERATE |
|
CURRENCY
EXPOSURE |
: |
MODERATE |
|
GENERAL
REPUTATION |
: |
SATISFACTORY |
|
INDUSTRY
OUTLOOK |
: |
MARGINAL
GROWTH |
HISTORY
/ BACKGROUND
|
The Subject is a private limited company and
is allowed to have a minimum of one and a maximum of forty-nine shareholders.
As a private limited company, the Subject must have at least two directors. A
private limited company is a separate legal entity from its shareholders. As a
separate legal entity, the Subject is capable of owning assets, entering into
contracts, sue or be sued by other companies. The liabilities of the
shareholders are to the extent of the equity they have taken up and the
creditors cannot claim on shareholders' personal assets even if the Subject is
insolvent. The Subject is governed by the Companies Act and the company must
file its annual returns, together with its financial statements with the
Registrar of Companies.
The Subject is principally engaged in the (as
a / as an) trading of petrochemical products, polyester, synthetic fibre goods,
spun yarns, cotton, and other kinds of textiles and goods, investment holding.
The
immediate holding company of the Subject is IRS GLOBAL PTE. LTD., a company
incorporated in SINGAPORE.
The
ultimate holding company of the Subject is INDORAMA CORPORATION PTE. LTD., a
company incorporated in SINGAPORE.
Share
Capital History
|
Date |
Issue
& Paid Up Capital |
|
20/04/2018 |
SGD
14,353,870.00 |
The
major shareholder(s) of the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
IRS
GLOBAL PTE. LTD. |
143,
CECIL STREET, 14-00, GB BUILDING 069542 ,SINGAPORE |
201526634E |
14,353,870.00 |
100.00 |
|
--------------- |
------ |
|||
|
14,353,870.00 |
100.00 |
|||
|
============ |
===== |
+
Also Director
DIRECTORS
|
DIRECTOR 1
|
Name
Of Subject |
: |
PRAKASH
KEJRIWAL |
|
Address |
: |
9,
TANJONG RHU ROAD, 05-04, THE WATERSIDE, 436894, SINGAPORE. |
|
IC
/ PP No |
: |
S6979420C |
|
Nationality |
: |
INDIAN |
|
Date
of Appointment |
: |
22/01/2014 |
INTEREST CHECK
|
Interest
in companies |
: |
see
below |
|
Interest
in business |
: |
none
in our databank |
|
Former
interest |
: |
none
in our databank |
INTEREST IN COMPANY
|
No |
Local
No |
Company |
Designation |
App
Date |
Shareholding |
Profit/(loss)
After Tax |
Financial
Year |
Status |
As
At |
|
|
No. |
% |
|||||||||
|
1 |
199101137M |
ISIN
INTERNATIONAL PTE LTD |
Director
Secretary |
22/01/2014
01/09/2016 |
0.00 |
- |
USD544,210.00 |
2016 |
- |
20/04/2018 |
|
2 |
200300886M |
VERITRADE
PTE. LTD. |
Director |
28/01/2003 |
1.00 |
50.00 |
- |
2016 |
- |
06/01/2015 |
DIRECTOR 2
|
Name
Of Subject |
: |
KRISHAN
KUMAR AGGARWAL |
|
Address |
: |
3,
RHU CROSS, 08-15, COSTA RHU, 437433, SINGAPORE. |
|
IC
/ PP No |
: |
G6088625W |
|
Nationality |
: |
INDIAN |
|
Date
of Appointment |
: |
10/04/2008 |
INTEREST CHECK
|
Interest
in companies |
: |
see
below |
|
Interest
in business |
: |
none
in our databank |
|
Former
interest |
: |
none
in our databank |
INTEREST IN COMPANY
|
No |
Local
No |
Company |
Designation |
App
Date |
Shareholding |
Profit/(loss)
After Tax |
Financial
Year |
Status |
As
At |
|
|
No. |
% |
|||||||||
|
1 |
199101137M |
ISIN
INTERNATIONAL PTE LTD |
Director |
10/04/2008 |
0.00 |
- |
USD544,210.00 |
2016 |
- |
20/04/2018 |
DIRECTOR 3
|
Name
Of Subject |
: |
AMIT
LOHIA |
|
Address |
: |
8,
NAPIER ROAD, 06-05, 8 NAPIER, 258502, SINGAPORE. |
|
IC
/ PP No |
: |
G5973438K |
|
Nationality |
: |
INDIAN |
|
Date
of Appointment |
: |
31/12/2004 |
INTEREST CHECK
|
Interest
in companies |
: |
see
below |
|
Interest
in business |
: |
none
in our databank |
|
Former
interest |
: |
none
in our databank |
INTEREST IN COMPANY
|
No |
Local
No |
Company |
Designation |
App
Date |
Shareholding |
Profit/(loss)
After Tax |
Financial
Year |
Status |
As
At |
|
|
No. |
% |
|||||||||
|
1 |
199101137M |
ISIN
INTERNATIONAL PTE LTD |
Director |
31/12/2004 |
0.00 |
- |
USD544,210.00 |
2016 |
- |
20/04/2018 |
DIRECTOR 4
|
Name
Of Subject |
: |
ANIL
KUMAR KOTHARI |
|
Address |
: |
125,
MEYER ROAD, 12-02, THE MAKENA, 437936, SINGAPORE. |
|
Other
Address(es) |
: |
143,
CECIL STREET, 14-00, GB BUILDING, 069542, SINGAPORE. |
|
IC
/ PP No |
: |
G5155090R |
|
Nationality |
: |
INDIAN |
|
Date
of Appointment |
: |
05/01/2016 |
INTEREST CHECK
|
Interest
in companies |
: |
see
below |
|
Interest
in business |
: |
none
in our databank |
|
Former
interest |
: |
none
in our databank |
INTEREST IN COMPANY
|
No |
Local
No |
Company |
Designation |
App
Date |
Shareholding |
Profit/(loss)
After Tax |
Financial
Year |
Status |
As
At |
|
|
No. |
% |
|||||||||
|
1 |
199101137M |
ISIN
INTERNATIONAL PTE LTD |
Director |
05/01/2016 |
0.00 |
- |
USD544,210.00 |
2016 |
- |
20/04/2018 |
MANAGEMENT
|
|
1) |
Name
of Subject |
: |
AMIT
LOHIA |
|
Position |
: |
DIRECTOR |
|
|
|
AUDITOR
|
|
Auditor |
: |
RAMA
& CO |
|
Auditor'
Address |
: |
N/A |
COMPANY
SECRETARIES
|
|
1) |
Company
Secretary |
: |
PRAKASH
KEJRIWAL |
|
IC
/ PP No |
: |
S6979420C |
|
|
Address |
: |
9,
TANJONG RHU ROAD, 05-04, THE WATERSIDE, 436894, SINGAPORE. |
|
|
2) |
Company
Secretary |
: |
NANJAPPA
GNANAMURTHY SOUMYA |
|
IC
/ PP No |
: |
S8180404D |
|
|
Address |
: |
689A,
CHOA CHU KANG DRIVE, 16-314, 681689, SINGAPORE. |
|
BANKING
|
No Banker found in our databank.
ENCUMBRANCE
(S)
|
|
Charge
No |
Creation
Date |
Charge
Description |
Chargee
Name |
Total
Charge |
Status |
|
C201012777 |
30/12/2010 |
N/A |
DBS
BANK LTD. |
- |
Unsatisfied |
|
C201012779 |
30/12/2010 |
N/A |
DBS
BANK LTD. |
- |
Unsatisfied |
CIVIL
LITIGATION CHECK - SUBJECT COMPANY AS A DEFENDANT
|
* A check has been conducted in our databank
against the Subject whether the subject has been involved in any litigation.
No legal action was found in our databank.
No winding up petition was found in our
databank.
PAYMENT
RECORD
|
|
||
|
SOURCES
OF RAW MATERIALS: |
||
|
Local |
: |
YES |
|
Overseas |
: |
YES |
The Subject refused to provide any name of trade/service
supplier and we are unable to conduct any trade enquiry. However, from
financial historical data we conclude that :
|
OVERALL
PAYMENT HABIT |
||||||||||||||
|
Prompt
0-30 Days |
[ |
] |
Good
31-60 Days |
[ |
] |
Average
61-90 Days |
[ |
X |
] |
|||||
|
Fair
91-120 Days |
[ |
] |
Poor
>120 Days |
[ |
] |
|||||||||
CLIENTELE
|
|
Local |
: |
YES |
|||
|
Domestic
Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|||
|
Export
Market |
: |
ASIA |
|||
|
Credit
Term |
: |
N/A |
|||
|
Payment
Mode |
: |
CHEQUES |
|||
OPERATIONS
|
|
Goods
Traded |
: |
PETROCHEMICAL
PRODUCTS, POLYESTER, SYNTHETIC FIBRE GOODS, SPUN YARNS, COTTON, AND OTHER
KINDS OF TEXTILES AND GOODS |
|
|
Services |
: |
INVESTMENT
HOLDING |
|
|
Total
Number of Employees: |
|
||||||||
|
YEAR |
2017 |
2016 |
2015 |
||||||
|
GROUP |
N/A |
N/A |
N/A |
||||||
|
COMPANY |
13 |
16 |
16 |
||||||
|
Branch |
: |
NO |
Other
Information:
The Subject is principally engaged in the (as a
/ as an) trading of petrochemical products, polyester, synthetic fibre goods, spun
yarns, cotton, and other kinds of textiles and goods, investment holding.
The Subject act as importer, exporter, buyer,
seller and dealing in petrochemical products, polyester, synthetic fibre goods,
spun yarns, cotton, and other kinds of textiles and goods.
The Subject sells the products based on
customer's demands and requirement.
CURRENT
INVESTIGATION
|
Latest
fresh investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client |
: |
N/A |
|
Current
Telephone Number |
: |
65-62221347 |
|
Match |
: |
N/A |
|
Address
Provided by Client |
: |
FAR
EASTERN BANK BUILDING, HEK 06-09, 156 CECIL STREET 069544 SINGAPORE |
|
Current
Address |
: |
143,
CECIL STREET, 14-00, GB BUILDING, 069542, SINGAPORE. |
|
Match |
: |
NO |
|
|
||
Other
Investigations
On 19th April 2018, we have contacted one of the
staff from the Subject and she provided some information.
The address provided belongs to the Subject's
former business address.
The Subject refused to disclose its number of
employees and banker information.
FINANCIAL
ANALYSIS
|
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
2012
- 2016 |
] |
|
|
Profit/(Loss)
Before Tax |
: |
Increased |
[ |
2012
- 2016 |
] |
|
|
Return
on Shareholder Funds |
: |
Unfavourable |
[ |
5.44% |
] |
|
|
Return
on Net Assets |
: |
Acceptable |
[ |
16.55% |
] |
|
|
The
Subject's turnover increased steadily as the demand for its products / services
increased due to the goodwill built up over the years.The higher profit could
be attributed to the increase in turnover. The unfavourable return on
shareholders' funds could indicate that the Subject was inefficient in
utilising its assets to generate returns. |
||||||
|
Working
Capital Control |
||||||
|
Stock
Ratio |
: |
Favourable |
[ |
6
Days |
] |
|
|
Debtor
Ratio |
: |
Favourable |
[ |
34
Days |
] |
|
|
Creditors
Ratio |
: |
Favourable |
[ |
1
Days |
] |
|
|
The
Subject's stocks were moving fast thus reducing its holding cost. This had
reduced funds being tied up in stocks. The favourable debtors' days could be
due to the good credit control measures implemented by the Subject. The
Subject had a favourable creditors' ratio where the Subject could be taking
advantage of the cash discounts and also wanting to maintain goodwill with
its creditors. |
||||||
|
Liquidity |
||||||
|
Liquid
Ratio |
: |
Favourable |
[ |
1.10
Times |
] |
|
|
Current
Ratio |
: |
Unfavourable |
[ |
1.16
Times |
] |
|
|
A
minimum liquid ratio of 1 should be maintained by the Subject in order to
assure its creditors of its ability to meet short term obligations and the Subject
was in a good liquidity position. Thus, we believe the Subject is able to
meet all its short term obligations as and when they fall due. |
||||||
|
Solvency |
||||||
|
Interest
Cover |
: |
Unfavourable |
[ |
1.59
Times |
] |
|
|
Gearing
Ratio |
: |
Unfavourable |
[ |
4.59
Times |
] |
|
|
The
Subject's interest cover was low. If its profits fall or when interest rate
rises, it may not be able to meet all its interest payment. The Subject
was highly geared, thus it had a high financial risk. The Subject was
dependent on loans to finance its business needs. In times of economic
downturn and / or high interest rate, the Subject will become less profitable
and competitive than other firms in the same industry, which are lowly
geared. This is because the Subject has to service the interest and to repay
the loan, which will erode part of its profits. The profits will fluctuate
depending on the Subject's turnover and the interest it needs to pay. |
||||||
|
Overall
Assessment : |
||||||
|
Generally,
the Subject's performance has improved with higher turnover and profit. The
Subject was in good liquidity position with its total current liabilities well
covered by its total current assets. With its current net assets, the Subject
should be able to repay its short term obligations. If there is a fall in the
Subject's profit or any increase in interest rate, the Subject may not be
able to generate sufficient cash-flow to service its interest. The Subject's
gearing level was high and its going concern will be in doubt if there is no
injection of additional shareholders' funds in times of economic downturn and
/ or high interest rates. |
||||||
|
Overall
financial condition of the Subject : POOR |
||||||
SINGAPORE
ECONOMIC / INDUSTRY OUTLOOK
|
|
Major
Economic Indicators : |
2013 |
2014 |
2015 |
2016 |
2017* |
|
|
|||||
|
Population
(Million) |
5.40 |
5.47 |
5.54 |
5.61 |
5.61 |
|
Gross
Domestic Products ( % ) |
5.1 |
3.9 |
2.2 |
2.4 |
3.6 |
|
Consumer
Price Index |
2.4 |
1.0 |
(0.5) |
(0.5) |
0.6 |
|
Total
Imports (Million) |
466,762.0 |
463,779.1 |
407,767.9 |
398,372.0 |
403,300.0 |
|
Total
Exports (Million) |
513,391.0 |
518,922.7 |
476,285.4 |
468,552.0 |
466,900.0 |
|
|
|||||
|
Unemployment
Rate (%) |
1.9 |
1.9 |
1.9 |
2.1 |
- |
|
Tourist
Arrival (Million) |
15.46 |
15.01 |
15.23 |
16.28 |
- |
|
Hotel
Occupancy Rate (%) |
86.3 |
85.5 |
84.0 |
83.1 |
84.7 |
|
Cellular
Phone Subscriber (Million) |
1.97 |
1.98 |
1.99 |
- |
- |
|
|
|||||
|
Registration
of New Companies (No.) |
37,288 |
41,589 |
34,243 |
35,227 |
37,395 |
|
Registration
of New Companies (%) |
9.8 |
11.5 |
(17.7) |
2.9 |
6.2 |
|
Liquidation
of Companies (No.) |
17,369 |
18,767 |
21,384 |
23,218 |
22,379 |
|
Liquidation
of Companies (%) |
(5.3) |
8.0 |
13.9 |
8.6 |
(3.6) |
|
|
|||||
|
Registration
of New Businesses (No.) |
22,893 |
35,773 |
28,480 |
27,120 |
22,148 |
|
Registration
of New Businesses (%) |
1.70 |
56.30 |
(20.39) |
(4.78) |
(18.33) |
|
Liquidation
of Businesses (No.) |
22,598 |
22,098 |
26,116 |
35,866 |
24,344 |
|
Liquidation
of Businesses (%) |
0.5 |
(2.2) |
18.2 |
37.3 |
(32.1) |
|
|
|||||
|
Bankruptcy
Orders (No.) |
1,992 |
1,757 |
1,776 |
1,797 |
1,638 |
|
Bankruptcy
Orders (%) |
14.0 |
(11.8) |
1.0 |
1.2 |
(8.9) |
|
Bankruptcy
Discharges (No.) |
2,584 |
3,546 |
3,499 |
4,359 |
2,030 |
|
Bankruptcy
Discharges (%) |
37.4 |
37.2 |
(1.3) |
24.6 |
(53.4) |
|
|
|||||
|
INDUSTRIES
( % of Growth ) : |
|||||
|
Agriculture |
|||||
|
Production
of Principal Crops |
1.78 |
4.29 |
3.04 |
- |
- |
|
Fish
Supply & Wholesale |
(3.8) |
(8.6) |
(8.5) |
(9.9) |
- |
|
|
|||||
|
Manufacturing
# |
|||||
|
Food,
Beverages & Tobacco |
97.9 |
99.4 |
100.0 |
103.7 |
110.3 |
|
Textiles |
119.5 |
102.7 |
100.0 |
92.4 |
84.4 |
|
Wearing
Apparel |
334.1 |
212.6 |
100.0 |
83.4 |
88.2 |
|
Leather
Products & Footwear |
122.0 |
106.5 |
100.0 |
88.8 |
79.0 |
|
Wood
& Wood Products |
103.0 |
107.2 |
100.0 |
95.0 |
92.9 |
|
Paper
& Paper Products |
104.4 |
104.5 |
100.0 |
97.3 |
96.1 |
|
Printing
& Media |
113.8 |
105.968 |
100.0 |
85.1 |
73.1 |
|
Crude
Oil Refineries |
100.7 |
92.2 |
100.0 |
104.2 |
113.5 |
|
Chemical
& Chemical Products |
88.4 |
96.7 |
100.0 |
98.9 |
105.3 |
|
Pharmaceutical
Products |
101.421 |
109.4 |
100.0 |
113.8 |
96.0 |
|
Rubber
& Plastic Products |
109.497 |
109.2 |
100.0 |
91.4 |
93.7 |
|
Non-metallic
Mineral |
107.4 |
90.759 |
100.0 |
89.8 |
72.9 |
|
Basic
Metals |
77.2 |
99.3 |
100.0 |
106.2 |
108.3 |
|
Fabricated
Metal Products |
107.5 |
107.757 |
100.0 |
93.8 |
91.3 |
|
Machinery
& Equipment |
109.1 |
118.2 |
100.0 |
80.8 |
86.1 |
|
Electrical
Machinery |
87.4 |
97.871 |
100.0 |
101.5 |
111.7 |
|
Electronic
Components |
105.0 |
105.6 |
100.0 |
114.1 |
151.4 |
|
Transport
Equipment |
111.1 |
106.68 |
100.0 |
101.0 |
99.5 |
|
|
|||||
|
Construction |
25.40 |
22.00 |
- |
- |
- |
|
Real
Estate |
88.5 |
145.1 |
- |
- |
- |
|
|
|||||
|
Services |
|||||
|
Electricity,
Gas & Water |
6.70 |
6.50 |
- |
- |
- |
|
Transport,
Storage & Communication |
9.80 |
14.20 |
- |
- |
- |
|
Finance
& Insurance |
3.30 |
6.00 |
- |
7.40 |
- |
|
Government
Services |
6.50 |
6.30 |
- |
- |
- |
|
Education
Services |
3.10 |
5.98 |
- |
2.40 |
- |
|
|
|||||
|
*
Estimate / Preliminary |
|||||
|
#
Based on Index of Industrial Production (2015 = 100) |
INDUSTRY
ANALYSIS
|
|
INDUSTRY
: |
TRADING |
|
According
to the Ministry of Trade and Industry, the wholesale & retail trade
sector expanded to 3.0% in the fourth quarter of 2017, moderating from the
3.3% growth in the previous quarter. The wholesale trade segment was boosted
by an improvement in foreign wholesale sales volume, which more than offset
the weakness in domestic wholesale sales volume. For the whole of 2017, the
sector expanded by 2.3%, faster than the 1.0% growth in 2016. The improvement
in growth can be attributed to the wholesale segment. |
|
|
The
domestic wholesale sales volume fell by 1.1% in the fourth quarter 2017,
reversing the 2.0% growth in the preceding quarter. The poorer outturn was
led by declines in the sales volume of household equipment & furniture
(-27%) and general wholesale merchandise (-19%), which outweighed the
increase in the sales volume of telecommunications & computers (20%). For
the whole of 2017, the domestic wholesale trade index expanded by 1.0%, a
turnaround from the 2.7% decline in 2016. |
|
|
On
the other hand, foreign wholesale sales volume rose to 6.2% in the fourth
quarter 2017, a step-up from the 5.1% growth in the preceding quarter. Growth
was driven by expansions in the sales of petroleum & petroleum-related
products (11%t), telecommunications & computers (19%) and electronic
components (16%). However, growth was partly offset by a 20% decline in the
sales volume of metals, timber & construction materials. For the full
year 2017, the foreign wholesale trade index rose by 3.6%, faster than the
increase of 1.5% in the previous year. |
|
|
Besides,
retail sales volume rose by 2.1% in the fourth quarter 2017, improving from
the 0.9% growth recorded in the third quarter. Growth was supported by
improvements in both motor vehicle and non-motor vehicle sales volumes. While
motor vehicle sales benefitted from an on-year increase in COE supply, growth
in non-motor vehicle sales came on the back of an improvement in consumer
sentiments. Notably, the sales volume of discretionary goods such as recreational
goods, computer & telecommunication equipment and wearing apparel &
footwear grew by 4.6%, 4.3 % and 3.1% respectively. |
|
|
For
the full year 2017, retail sales volume expanded by 1.3%, similar to the 1.5%
growth recorded in 2016. Growth was driven by both motor vehicle sales and
non-motor vehicle sales, which the former rising by 1.5% and the latter
increasing by 1.3%. The rise in non-motor vehicle sales was underpinned by
higher sales of discretionary goods. For instance, the sales volume of recreational
goods (3.9%), watches & jewellery (2.4%), computer &
telecommunications equipment (1.7%) and wearing apparel & footwear (1.5%)
improved in 2017. |
|
|
OVERALL
INDUSTRY OUTLOOK : MARGINAL GROWTH |
|
CREDIT
RISK EVALUATION & RECOMMENDATION
|
|
|
PROFIT
AND LOSS ACCOUNT
|
|
THE
FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL
REPORTING STANDARDS. |
|
ISIN
INTERNATIONAL PTE LTD |
|
Financial
Year End |
2016-12-31 |
2015-12-31 |
2014-12-31 |
2013-12-31 |
2012-12-31 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated
Account |
Company |
Company |
Company |
Company |
Company |
|
Audited
Account |
YES |
YES |
YES |
YES |
YES |
|
Unqualified
Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
YES |
YES |
|
Financial
Type |
FULL |
FULL |
FULL |
FULL |
FULL |
|
Currency |
USD |
USD |
USD |
USD |
USD |
|
TURNOVER |
154,016,533 |
112,060,906 |
107,924,253 |
76,147,114 |
82,079,729 |
|
Other
Income |
300,824 |
239,258 |
379,168 |
573,666 |
44,413 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total
Turnover |
154,317,357 |
112,300,164 |
108,303,421 |
76,720,780 |
82,124,142 |
|
Costs
of Goods Sold |
(149,185,871) |
(107,691,816) |
(103,835,224) |
(72,228,310) |
(78,467,716) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross
Profit |
5,131,486 |
4,608,348 |
4,468,197 |
4,492,470 |
3,656,426 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
611,984 |
364,722 |
191,516 |
89,489 |
47,186 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE TAXATION |
611,984 |
364,722 |
191,516 |
89,489 |
47,186 |
|
Taxation |
(67,774) |
(30,225) |
(30,862) |
(48,575) |
(6,833) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
AFTER TAXATION |
544,210 |
334,497 |
160,654 |
40,914 |
40,353 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As
previously reported |
354,441 |
547,108 |
386,454 |
345,540 |
305,187 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As
restated |
354,441 |
547,108 |
386,454 |
345,540 |
305,187 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
898,651 |
881,605 |
547,108 |
386,454 |
345,540 |
|
DIVIDENDS
- Ordinary (paid & proposed) |
- |
(527,164) |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
898,651 |
354,441 |
547,108 |
386,454 |
345,540 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST
EXPENSE (as per notes to P&L) |
|||||
|
Bank
overdraft |
- |
- |
- |
154 |
- |
|
Lease
interest |
1,439 |
1,460 |
1,563 |
136 |
- |
|
Term
loan / Borrowing |
56,736 |
72,901 |
60,412 |
66,142 |
77,881 |
|
Trust
receipts |
796,705 |
599,915 |
450,185 |
484,430 |
442,465 |
|
Others |
188,140 |
455,876 |
358,781 |
160,617 |
127,156 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
1,043,020 |
1,130,152 |
870,941 |
711,479 |
647,502 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION
(as per notes to P&L) |
129,737 |
303,811 |
308,723 |
321,899 |
341,277 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total
Amortization And Depreciation |
129,737 |
303,811 |
308,723 |
321,899 |
341,277 |
|
|
============= |
============= |
============= |
============= |
BALANCE
SHEET
|
|
ISIN
INTERNATIONAL PTE LTD |
|
ASSETS
EMPLOYED: |
|||||
|
FIXED
ASSETS |
5,737,828 |
5,863,621 |
6,158,034 |
6,452,306 |
6,640,262 |
|
LONG
TERM INVESTMENTS/OTHER ASSETS |
|||||
|
Investments |
- |
- |
184,397 |
184,397 |
184,397 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM INVESTMENTS/OTHER ASSETS |
- |
- |
184,397 |
184,397 |
184,397 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM ASSETS |
5,737,828 |
5,863,621 |
6,342,431 |
6,636,703 |
6,824,659 |
|
CURRENT
ASSETS |
|||||
|
Stocks |
2,484,526 |
1,631,816 |
438,518 |
652,141 |
153,300 |
|
Trade
debtors |
14,146,807 |
7,036,076 |
7,228,173 |
10,980,601 |
5,596,125 |
|
Other
debtors, deposits & prepayments |
138,730 |
587,312 |
427,489 |
692,994 |
715,783 |
|
Short
term deposits |
- |
- |
- |
- |
51,469 |
|
Short
term loans & advances |
- |
- |
6,009 |
18,292 |
141,810 |
|
Amount
due from holding company |
- |
27,792,510 |
24,372,961 |
24,253,233 |
30,643,663 |
|
Amount
due from related companies |
31,985,961 |
14,041,062 |
5,787,353 |
1,069,591 |
501,527 |
|
Cash
& bank balances |
2,974,622 |
1,840,991 |
1,118,625 |
3,516,714 |
2,486,186 |
|
Others |
- |
4,894 |
11,304 |
440,659 |
196,436 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT ASSETS |
51,730,646 |
52,934,661 |
39,390,432 |
41,624,225 |
40,486,299 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
ASSET |
57,468,474 |
58,798,282 |
45,732,863 |
48,260,928 |
47,310,958 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||||
|
Trade
creditors |
479,800 |
1,624,204 |
348,170 |
783,104 |
375,930 |
|
Other
creditors & accruals |
37,285 |
59,864 |
18,298 |
49,824 |
127,043 |
|
Short
term borrowings/Term loans |
42,867,926 |
43,313,071 |
31,009,427 |
7,749,740 |
- |
|
Other
borrowings |
217,433 |
240,000 |
240,000 |
240,000 |
257,000 |
|
Deposits
from customers |
492,340 |
600,009 |
819,329 |
714,391 |
104,145 |
|
Amounts
owing to related companies |
455,311 |
330,344 |
- |
6,425 |
6,525 |
|
Provision
for taxation |
65,000 |
45,284 |
40,000 |
17,000 |
19,382 |
|
Lease
payables |
11,000 |
11,252 |
12,020 |
12,660 |
- |
|
Other
liabilities |
7,202 |
- |
- |
25,171,911 |
32,603,451 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT LIABILITIES |
44,633,297 |
46,224,028 |
32,487,244 |
34,745,055 |
33,493,476 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET
CURRENT ASSETS/(LIABILITIES) |
7,097,349 |
6,710,633 |
6,903,188 |
6,879,170 |
6,992,823 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
LONG
TERM LIABILITIES |
|||||
|
Long
term loans |
2,826,491 |
3,098,279 |
3,563,489 |
3,980,401 |
4,371,942 |
|
Lease
obligations |
10,035 |
21,534 |
35,022 |
49,018 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM LIABILITIES |
2,836,526 |
3,119,813 |
3,598,511 |
4,029,419 |
4,371,942 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
NET ASSETS |
9,998,651 |
9,454,441 |
9,647,108 |
9,486,454 |
9,445,540 |
|
============= |
============= |
============= |
============= |
============= |
|
|
FINANCED
BY: |
|||||
|
SHARE
CAPITAL |
|||||
|
Ordinary
share capital |
9,100,000 |
9,100,000 |
9,100,000 |
9,100,000 |
9,100,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
SHARE CAPITAL |
9,100,000 |
9,100,000 |
9,100,000 |
9,100,000 |
9,100,000 |
|
RESERVES |
|||||
|
Retained
profit/(loss) carried forward |
898,651 |
354,441 |
547,108 |
386,454 |
345,540 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
RESERVES |
898,651 |
354,441 |
547,108 |
386,454 |
345,540 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
9,998,651 |
9,454,441 |
9,647,108 |
9,486,454 |
9,445,540 |
|
|
============= |
============= |
============= |
============= |
|
FINANCIAL
RATIO
|
|
ISIN
INTERNATIONAL PTE LTD |
|
TYPES
OF FUNDS |
|||||
|
Cash |
2,974,622 |
1,840,991 |
1,118,625 |
3,516,714 |
2,537,655 |
|
Net
Liquid Funds |
2,974,622 |
1,840,991 |
1,118,625 |
3,516,714 |
2,537,655 |
|
Net
Liquid Assets |
4,612,823 |
5,078,817 |
6,464,670 |
6,227,029 |
6,839,523 |
|
Net
Current Assets/(Liabilities) |
7,097,349 |
6,710,633 |
6,903,188 |
6,879,170 |
6,992,823 |
|
Net
Tangible Assets |
9,998,651 |
9,454,441 |
9,647,108 |
9,486,454 |
9,445,540 |
|
Net
Monetary Assets |
1,776,297 |
1,959,004 |
2,866,159 |
2,197,610 |
2,467,581 |
|
PROFIT
& LOSS ITEMS |
|||||
|
Earnings
Before Interest & Tax (EBIT) |
1,655,004 |
1,494,874 |
1,062,457 |
800,968 |
694,688 |
|
Earnings
Before Interest, Taxes, Depreciation And Amortization (EBITDA) |
1,784,741 |
1,798,685 |
1,371,180 |
1,122,867 |
1,035,965 |
|
BALANCE
SHEET ITEMS |
|||||
|
Total
Borrowings |
45,921,885 |
46,672,884 |
34,847,938 |
12,019,159 |
4,628,942 |
|
Total
Liabilities |
47,469,823 |
49,343,841 |
36,085,755 |
38,774,474 |
37,865,418 |
|
Total
Assets |
57,468,474 |
58,798,282 |
45,732,863 |
48,260,928 |
47,310,958 |
|
Net
Assets |
9,998,651 |
9,454,441 |
9,647,108 |
9,486,454 |
9,445,540 |
|
Net
Assets Backing |
9,998,651 |
9,454,441 |
9,647,108 |
9,486,454 |
9,445,540 |
|
Shareholders'
Funds |
9,998,651 |
9,454,441 |
9,647,108 |
9,486,454 |
9,445,540 |
|
Total
Share Capital |
9,100,000 |
9,100,000 |
9,100,000 |
9,100,000 |
9,100,000 |
|
Total
Reserves |
898,651 |
354,441 |
547,108 |
386,454 |
345,540 |
|
GROWTH
RATIOS (Year on Year) (%) |
|||||
|
Revenue |
37.44 |
3.83 |
41.73 |
(7.23) |
- |
|
Proft/(Loss)
Before Tax |
67.79 |
90.44 |
114.01 |
89.65 |
- |
|
Proft/(Loss)
After Tax |
62.70 |
108.21 |
292.66 |
1.39 |
- |
|
Total
Assets |
(2.26) |
28.57 |
(5.24) |
2.01 |
- |
|
Total
Liabilities |
(3.80) |
36.74 |
(6.93) |
2.40 |
- |
|
LIQUIDITY
(Times) |
|||||
|
Cash
Ratio |
0.07 |
0.04 |
0.03 |
0.10 |
0.08 |
|
Liquid
Ratio |
1.10 |
1.11 |
1.20 |
1.18 |
1.20 |
|
Current
Ratio |
1.16 |
1.15 |
1.21 |
1.20 |
1.21 |
|
WORKING
CAPITAL CONTROL (Days) |
|||||
|
Stock
Ratio |
6 |
5 |
1 |
3 |
1 |
|
Debtors
Ratio |
34 |
23 |
24 |
53 |
25 |
|
Creditors
Ratio |
1 |
6 |
1 |
4 |
2 |
|
SOLVENCY
RATIOS (Times) |
|||||
|
Gearing
Ratio |
4.59 |
4.94 |
3.61 |
1.27 |
0.49 |
|
Liabilities
Ratio |
4.75 |
5.22 |
3.74 |
4.09 |
4.01 |
|
Times
Interest Earned Ratio |
1.59 |
1.32 |
1.22 |
1.13 |
1.07 |
|
Assets
Backing Ratio |
1.10 |
1.04 |
1.06 |
1.04 |
1.04 |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating
Profit Margin |
0.40 |
0.33 |
0.18 |
0.12 |
0.06 |
|
Net
Profit Margin |
0.35 |
0.30 |
0.15 |
0.05 |
0.05 |
|
Return
On Net Assets |
16.55 |
15.81 |
11.01 |
8.44 |
7.35 |
|
Return
On Capital Employed |
12.89 |
11.89 |
8.02 |
5.93 |
5.03 |
|
Return
On Shareholders' Funds/Equity |
5.44 |
3.54 |
1.67 |
0.43 |
0.43 |
|
Dividend
Pay Out Ratio (Times) |
0 |
1.58 |
0 |
0 |
0 |
|
NOTES
TO ACCOUNTS |
|||||
|
Contingent
Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 66.01 |
|
|
1 |
INR 92.72 |
|
Euro |
1 |
INR 81.45 |
|
SGD |
1 |
INR 50.30 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
DNS |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.